%0 Report
        %A Christelis, Dimitris
%A Georgarakos, Dimitris
%A Sanz-de-Galdeano, Anna
        %T The Impact of Health Insurance on Stockholding: A Regression Discontinuity Approach
        %D 2014
        %8 2014 Nov
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 8635
        %U https://www.iza.org/index.php/publications/dp8635
        %X Using data from the US Health and Retirement Study, we study the causal effect of increased health insurance coverage through Medicare and the associated reduction in health-related background risk on financial risk-taking. Given the onset of Medicare at age 65, we identify our effect of interest using a regression discontinuity approach. We find that getting Medicare coverage induces stockholding for those with at least some college education, but not for their less-educated counterparts. Hence, our results indicate that a reduction in background risk induces financial risk-taking in individuals for whom informational and pecuniary stock market participation costs are relatively low.
        %K regression discontinuity
%K stockholding
%K Medicare
%K health insurance
%K household finance